Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over the 2021–2024 period Wendy's total assets were essentially flat, moving from $5.040B in 2021 to $5.035B in 2024 after a modest peak of $5.183B in 2023 (roughly +2.8% vs. 2021 at the 2023 high, and −0.1% by 2024 vs. 2021). By contrast total liabilities rose meaningfully: from $4.490B in 2021 to a peak of $4.873B in 2023 and then to $4.775B in 2024 — about a +6.4% increase versus 2021. The combination of stable asset levels and higher liabilities points to growing leverage on the balance sheet rather than an expanding asset base. Stockholders’ equity has contracted sharply, falling from $549.6M in 2021 to $259.4M in 2024 (a drop of roughly 53%). That is reflected in a decline in the equity-to-assets ratio from about 10.9% to roughly 5.2% over the same span, while liabilities-to-assets climbed from ~89% to ~95%. Such erosion of equity can result from retained losses, increased debt or lease obligations, or capital return activity (dividends/repurchases) funded with borrowings — all important to investigate. In the context of the asset-light, franchise-driven quick-service restaurant industry, a relatively stable asset base is common, but the marked rise in leverage and shrinking equity cushion reduce financial flexibility and raise refinancing or rating risk; I recommend reviewing cash flows, debt maturities, and capital return policies to understand drivers and near-term liquidity implications. (Note: 2025 row shows zeros and appears to be missing data.)
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.